Looking to sell from 1.5198... Interesting P.A

Like the EUR/USD , Cable also posted heavy gains (175 pips) against the weaker U.S. dollar yesterday, resulting in several H4 technical resistances being consumed and price ending the day consolidating below psychological resistance 1.5200. Considering only the H4 timeframe for a moment, 1.5200 is very interesting since it forms part of a very confluent sell zone comprising of the following structures:

• Symmetrical AB=CDbear pattern completing around the 1.5218 region.
• Trendline resistance taken from the swing high 1.5401.
• Deep 78.6% Fibonacci resistance seen at 1.5239.

However, as tempting as this may look, this sell zone sits above a daily swap (supply) at 1.5198-1.5154, meaning that a fake of this area would be required for this zone to be hit. Meanwhile, up on the weekly timeframe , we can see that price is being bid from demand at 1.4855-1.5052, effectively placing this pair now mid-range between this said demand and the supply overhead drawn from 1.5506-1.5305.

Although the higher timeframe picture does not perfectly support a downside move from our highlighted sell zone, we still remain confident a bounce lower will be seen from here. The reason being is that the stops taken from a break above the aforementioned daily swap (supply) zone will likely provide well-funded traders enough liquidity to short. As such, a pending sell order has been placed at 1.5198 with a stop set above at 1.5244. Initial targets for this trade fall in around the swap demand at 1.5155-1.5130, followed by psychological support 1.5100.